Dormant Whale Wallet Increases Ethereum By 8% After This Action

Santiment reports that an active whale wallet for Ethereum (ETH) has been inactive for more than six years. The movement and positive price movement in the ETH market have coincided.

After its final transaction on October 4, 2016, the whale moved 15,000 ETH, or about $22.2 million. Tokens were transferred to a wallet that was empty.

The price of Ethereum has increased by almost 8.1%, according to the crypto market intelligence portal, since the wallet activity was noticed. According to Santiment, the price movement saw Ethereum rise above $1,500 for the first time since the Merge was finished six weeks ago.

Ethereum rally destroying short-term traders

Not the only long-dormant whale that has just reactivated is the address. Whale address that was inactive since 2015 was suddenly active and moved 400 ETH.

Additionally, Santiment has earlier noted that since October 20, whale addresses have shifted about 320,000 ETH. After first reacting by falling, the price of ETH has now significantly risen.

In the meantime, this quick price recovery has caused cascading liquidations for short traders in the futures market. During trading on October 25, more than $105 million worth of ETH short positions were liquidated in less than an hour, with the FTX exchange handling the majority of these transactions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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